credit score

gagomes

Hello,

I'm in a bit of a situation and would appreciate some advice. I lived in Dublin from 2008 through November 2010. During this time, I have had a BOI account and a MC credit card. In 2010, I moved to Cambridge and I lost track of my still on-going bills because I wasn't receiving the statements by email as I requested from the bank and wasn't around to collect my letters. So I missed payments for 4 months, as far as I can see in my ICB report and I got 1 warning call by phone, letting me know my credit card would be revoked in a few days from then. Unfortunately, I neglected to pay by a week because I was stressed trying to find place to stay in Cambridge and my card got revoked. 2 days later from revoking, I asked a friend to pay for my card and he did. So I cleared my entire bill with the credit card in one go (though, it was late already as I had missed payments, so obviously I knew this would affect my credit score somewhat by then.) I returned to Dublin 1 month ago and when I tried to open a bank account with the Ulster in Inchicore (their service is utter incompetent, it's beyond being strategically incompetent, if you want to save years of your life, just go elsewhere.) I'm told I cannot get a credit card. I was surprised at that 4 missed payments, even after I paid everything off, would cause my credit score to fall so low as to be refused a credit card. Worse yet as I have been 2 years away from the country, yet I kept 700+ euros in a savings account in BOI. Not happy with the whole situation, I requested a copy of my credit report from ICB and was schocked to find I was borderline the lowest score 345.

Is this fair and normal, or could it be someone just looked I was not paying for bills and yet was using the card abroad and thought I was storming off without paying and I was then punished with greater impact on my score?

Not being able to get a CC or loan, means I won't be able to improve my score until the 5 years that it takes for ICB to expire me from their records, is that correct?

Any advice on what I can do to try and prove I am honest, showing them I have a high salary, am in a reputable / specialized industry and did not have intentions to do anything wrong, credit wise, but that I had some struggle in the first months with both getting the notifications for payments and paying it back. Any help will be greatly appreciated, apologies for the long post

BuffyBot

Alas in a situation like yours and in the current climate I wouldn't rate your chances. Irrespective of your intent, your record is damaged and this is the price you pay. Banks are even stricter now than ever when it comes to issuing credit products which doubles your difficulty.

gagomes

Thanks..

I would hope there would be any advice on anything I can do to bring the score back up. For instance, in Cambridge I had 2 mastercards (one which I've never used and has 2000£) and another with 1650£ (I still haven't cancelled them both) and my score is highly likely to be in the upper half of the 600s, seeing as I missed the paying date only once by 2 days and have since then always had extra money on the visa and paid on time and seeing as Ulsterbank is owned by Natwest, my bank in UK, it would be great if I could ask them to cross-check, but I think it's probably unlikely.

handlemaster

gagomes wrote: »

Thanks..

I would hope there would be any advice on anything I can do to bring the score back up. For instance, in Cambridge I had 2 mastercards (one which I've never used and has 2000£) and another with 1650£ (I still haven't cancelled them both) and my score is highly likely to be in the upper half of the 600s, seeing as I missed the paying date only once by 2 days and have since then always had extra money on the visa and paid on time and seeing as Ulsterbank is owned by Natwest, my bank in UK, it would be great if I could ask them to cross-check, but I think it's probably unlikely.

It appears you were not bothered to pay for four months even after warns. I won't lend you money.

BuffyBot

gagomes wrote: »

Thanks..

I would hope there would be any advice on anything I can do to bring the score back up. For instance, in Cambridge I had 2 mastercards (one which I've never used and has 2000£) and another with 1650£ (I still haven't cancelled them both) and my score is highly likely to be in the upper half of the 600s, seeing as I missed the paying date only once by 2 days and have since then always had extra money on the visa and paid on time and seeing as Ulsterbank is owned by Natwest, my bank in UK, it would be great if I could ask them to cross-check, but I think it's probably unlikely.

UK credit scoring works slightly differently than the Irish one, so your comparing apples with oranges. Even at that, it's irrelevant to the Irish banks as it's something they can't "see".

As for bringing it up - over time, perhaps, but there is no instant fix. Perhaps start a CU account, and after a while see if you can obtain a small loan and begin to improve your record here.

You can always ask if UB will persuaded by your prior relationship with NatWest, but at the end of the day while they may have the same eventual owner they are seperate, autonomous businesses.

gagomes

handlemaster wrote: »

It appears you were not bothered to pay for four months even after warns. I won't lend you money.

Your post was a little un-necessary. What part of "I was living in Cambridge" and my bank didn't setup email statements as per my request did you miss?

I did lose track, it's ultimately my fault, but your statement sort of suggests I did it on purpose/a whim.

handlemaster

gagomes wrote: »

Your post was a little un-necessary. What part of "I was living in Cambridge" and my bank didn't setup email statements as per my request did you miss?

I did lose track, it's ultimately my fault, but your statement sort of suggests I did it on purpose/a whim.

I see your point but as you also stated the following:
" So I missed payments for 4 months, as far as I can see in my ICB report and I got 1 warning call by phone, letting me know my credit card would be revoked in a few days from then. "

You were given adequate warning. With regard to not setting up email statements if the first one didn't come I would have rang them as the second, third & fourth would also not have come.

Anyhow best to contact credit agency / consumer advice ask them best means of regaining a respectful rating. Best of luck.

gagomes

BuffyBot wrote: »

UK credit scoring works slightly differently than the Irish one, so your comparing apples with oranges. Even at that, it's irrelevant to the Irish banks as it's something they can't "see".

As for bringing it up - over time, perhaps, but there is no instant fix. Perhaps start a CU account, and after a while see if you can obtain a small loan and begin to improve your record here.

You can always ask if UB will persuaded by your prior relationship with NatWest, but at the end of the day while they may have the same eventual owner they are seperate, autonomous businesses.

Thanks a lot buffybot. What do you mean by CU? Credit Union?

gagomes

handlemaster wrote: »

I see your point but as you also stated the following:
" So I missed payments for 4 months, as far as I can see in my ICB report and I got 1 warning call by phone, letting me know my credit card would be revoked in a few days from then. "

You were given adequate warning. With regard to not setting up email statements if the first one didn't come I would have rang them as the second, third & fourth would also not have come.

The main problem was that it took me 3 months to find a place, so those 3 months were very stressful. I'd be seeing houses and rooms nearly every day of the week, funds vanishing at a high rate and not able to find a place to stay, my manager was pissed off at me and I was still in probation. In the UK you must have a bank to rent and in order to have a bank you must have a proof of address, which is a chicken and egg problem when you come from a different country. I heard a ton of people coming to UK and setting up accounts with hotel and office addresses. It didn't work for me. The only way it worked, was after 3months when our HR finally decided to write me a letter. Something I asked early on and I was told it wasn't needed.

For instance, I was only able to get a bank account in UK, 4 months later (one month after I found and moved to a room) and thinking back, I remember giving the bank a call 2-3 weeks after I moved to UK, but I spent 60+ mins on the phone, waiting for an operator. I obviously gave up after wasting 20£.

It's likely not the most common case scenario, there is a lot of blame for me take on, but sure it wasn't because I was trying to rip-off the bank or credit institution.

Seeing how much problems I am having at the moment with (1) obtaining a debit card for an account I opened 3.5 weeks ago with ulster bank, which I asked them to retain in the branch so I wouldn't even have to wait for it to be sent home, which could introduce another 2-3 days delay and (2) getting a cheque of my wages (BOI) to clear when it's been 8 business days since I lodged it at the branch and 5 business days since the funds cleared from BOI's account as informed by the financial controller at my company who called their BOI account manager, would certainly not motivate me to do this in a country I intend to stay in. So as you can see, this is causing me huge amounts of problems and certainly not necessary.

handlemaster

I had very similar problems while trying to open an account in the UK. Barclays, Halifax just didn't want to know. Eventually I went to HSBC and the girl said "ya no problem" that was after I gave her the Irish charm . They were saying the anti terrorist laws etc etc

Ulster bank told me before that it take up to 10 working days to clear a cheque.

BuffyBot

CU is credit union, yes

gagomes

Thanks. I am opening a CU and use it for savings, an then I'm going to request a small loan out of it.